Flossbach Von Storch SE Takes Position in Spotify Technology $SPOT

Flossbach Von Storch SE bought a new position in Spotify Technology (NYSE:SPOT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 71,921 shares of the company’s stock, valued at approximately $33,021,000.

A number of other hedge funds have also modified their holdings of SPOT. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology during the 4th quarter worth about $32,000. Whipplewood Advisors LLC raised its holdings in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after buying an additional 55 shares during the period. Palladiem LLC purchased a new stake in Spotify Technology during the first quarter valued at about $34,000. Finally, Osbon Capital Management LLC purchased a new stake in Spotify Technology during the fourth quarter valued at about $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPOT. Rosenblatt Securities dropped their target price on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. Wells Fargo & Company reduced their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Morgan Stanley raised their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. The Goldman Sachs Group lowered their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, UBS Group cut their target price on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $609.05.

Insiders Place Their Bets

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director directly owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 116,878 shares of company stock worth $59,081,110 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Trading Up 3.3%

Shares of NYSE:SPOT opened at $533.36 on Thursday. The firm has a market cap of $109.81 billion, a price-to-earnings ratio of 33.21, a P/E/G ratio of 1.26 and a beta of 1.58. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $745.00. The business has a fifty day simple moving average of $484.25 and a 200 day simple moving average of $484.94.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, August 4th. The company reported $2.98 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.18). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. During the same quarter last year, the firm earned ($0.42) EPS. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 14.3 EPS for the current year.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.